This note provides an overview of the BRRD II Directive ((EU) 2019/879) and the SRM II Regulation ((EU) 2019/877).

The Directive and the Regulation amended the Bank Recovery and Resolution Directive (2014/59/EU) (BRRD) and the Regulation for the Single Resolution Mechanism (806/2014) (SRM Regulation) respectively.

The note considers the implementation in the EU of the Financial Stability Board's (FSB) total loss absorbing capacity (TLAC) standard, including the amendments to the existing regime relating to the minimum requirement for own funds and eligible liabilities (MREL). It also considers related amendments to the Capital Requirements Regulation (575/2013) (CRR) made by the CRR II Regulation ((EU) 2019/876).